Chief Sola Aboderin, a member of the Ibadan Chamber of Commerce, Mines, Industry and Agriculture (ICCIMA), has lauded the Federal Government’s policy exempting a category of entrepreneurs from paying Companies Income Tax.
Aboderin said in Ibadan on Monday that one of the good things the government had done was to exempt small businesses whose turnover was less than N25 million from paying tax.
He said that most of the upcoming companies in the country were within that range of turnover; hence it would encourage more people to be entrepreneurs.
Aboderin said it would also help upcoming businesses to be established and, therefore, boost the nation’s economy.
The entrepreneur, who is also the Managing Director of Abodreuben Nigeria Ltd., described the land border closure was a good policy that would help to develop local industries.
He mentioned the dangers of open border, saying it had affected the country in time past.
“A lot of products are being imported into the country illegally without paying customs duties that would enhance government revenue,” Aboderin said.
He said that government, however, needed to cash in on the gains of the closed land border by ensuring that the cost of production is lowered.
“The cost of production is affected by the huge cost of electricity as local companies spend huge amount of money on alternate power sources.
“Others factors to be addressed are the ease at which businesses can be established in Nigeria as well as multiple taxation,” Aboderin said. (NAN)